Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Fair Value Measurements of Investments and Cash Equivalents, by Major Class

The following table presents fair value measurements of investments and cash equivalents, by major class, as of June 30, 2026, according to the fair value hierarchy.


	Fair Value Measurements
	Level 1		Level 2		Level 3		Totals
First Lien Senior Secured	$	—	$	8,745	$	888,559	$	897,304
Second Lien Senior Secured		—		—		13,589		13,589
Equity		—		—		22,497		22,497
Warrants		—		—		44		44
Cash Equivalents		10,091		—		—		10,091
Total	$	10,091	$	8,745	$	924,689	$	943,525

The following table presents fair value measurements of investments and cash equivalents, by major class, as of December 31, 2025, according to the fair value hierarchy.


	Fair Value Measurements
	Level 1		Level 2		Level 3		Totals
First Lien Senior Secured	$	—	$	8,715	$	890,459	$	899,174
Second Lien Senior Secured		—		7,045		15,600		22,645
Equity		—		—		15,856		15,856
Warrants		—		—		50		50
Cash Equivalents		3,334		—		—		3,334
Total	$	3,334	$	15,760	$	921,965	$	941,059

Schedule of Reconciliation of the Beginning and Ending Balances for Investments that Use Level 3 Inputs

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2026.


	First Lien Senior Secured			Second Lien Senior Secured			Equity			Warrants			Total Investments
Balance as of December 31, 2025	$	890,459		$	15,600		$	15,856		$	50		$	921,965
Purchases and other adjustments to cost		82,362			27			5,869			—			88,258
Sales and repayments		(72,113	)		(15,000	)		(570	)		—			(87,683	)
Transfers in		—			3,708			—			—			3,708
Net realized gain/ (loss) on investments		(16	)		68			—			—			52
Net change in unrealized gain/ (loss) on investments		(3,764	)		190			668			(6	)		(2,912	)
Net accretion of discount on investments		1,249			52			—			—			1,301
Restructures		(9,618	)		8,944			674			—			—
Balance as of June 30, 2026	$	888,559		$	13,589		$	22,497		$	44		$	924,689
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2026	$	(2,593	)	$	(258	)	$	670		$	(6	)	$	(2,187	)

For the six months ended June 30, 2026, the Fund transferred one broadly syndicated loan from Level 2 to Level 3 due to the decreased observability of valuation inputs.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended June 30, 2025.


	First Lien Senior Secured			Second Lien Senior Secured			Equity			Warrants		Total Investments
Balance as of December 31, 2024	$	393,203		$	—		$	6,065		$	—	$	399,268
Purchases and other adjustments to cost		312,617			25,467			1,515			—		339,599
Sales and repayments		(33,811	)		—			—			—		(33,811	)
Transfers out of Level 3		(19,730	)		(9,859	)		—			—		(29,589	)
Net realized gain (loss) on investments		(528	)		—			—			—		(528	)
Net change in unrealized gain/ (loss) on investments		(765	)		(120	)		(168	)		72		(981	)
Net accretion of discount on investments		851			9			—			—		860
Balance as of June 30, 2025	$	651,837		$	15,497		$	7,412		$	72	$	674,818
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025	$	(876	)	$	(81	)	$	(166	)	$	72	$	(1,051	)

For the six months ended June 30, 2025, the Fund transferred three broadly syndicated loans from Level 3 to Level 2 due to the increased observability of valuation inputs.

Schedule of the Significant Unobservable Inputs Relevant to the Determination of Fair Values

The following table summarizes the significant unobservable inputs used to value Level 3 investments as of June 30, 2026. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.


					Selected Input Range									Impact to
Asset Category	Fair Value		Primary Valuation Technique	Unobservable Inputs	Minimum			Maximum			Weighted Average (a)			Valuation from an Increase in Input (b)
First Lien Senior Secured	$	879,159	Discounted Cash Flow	Discount Rate		4.9	%		20.4	%		9.7	%	Decrease
First Lien Senior Secured		863	Market Comparables	EBITDA Multiple		7.3	x		8.3	x		7.8	x	Increase
First Lien Senior Secured		8,537	Cost	Recent Transaction Price	N/A			N/A			N/A			Increase
Second Lien Senior Secured		13,589	Discounted Cash Flow	Discount Rate		10.9	%		13.0	%		12.4	%	Decrease
Equity		18,676	Discounted Cash Flow	Discount Rate		11.0	%		21.3	%		18.2	%	Decrease
Equity		3,534	Market Comparables	EBITDA Multiple		7.3	x		14.5	x		12.2	x	Increase
Equity		287	Market Comparables	Revenue Multiple		2.7	x		3.7	x		3.2	x	Increase
Warrant		44	Market Comparables	EBITDA Multiple		10.5	x		11.5	x		11.0	x	Increase
Total	$	924,689

(a)

Weighted averages are calculated based on fair value of investments.

(b)

Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding inputs as of a period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at the period end.

The following table summarizes the significant unobservable inputs used to value Level 3 investments as of December 31, 2025. The table is not intended to be all-inclusive, but instead identifies the significant unobservable inputs relevant to the determination of fair values.

          
         Selected Input Range

         Impact to

         Asset Category

         Fair Value

         Primary Valuation Technique

         Unobservable Inputs

         Minimum

         Maximum

         Weighted Average (a)

         Valuation from an Increase in Input (b)

First Lien Senior Secured

822,454

Discounted Cash Flow

Discount Rate

4.8

20.6

9.0

Decrease

First Lien Senior Secured

66,701

Recent Transaction Price

Recent Transaction Price

N/A

N/A

N/A

Increase

First Lien Senior Secured

1,303

Market Comparables

EBITDA Multiple

6.8

8.3

7.5

Increase

Second Lien Senior Secured

15,600

Discounted Cash Flow

Discount Rate

11.1

19.5

11.8

Decrease

Equity

7,756

Discounted Cash Flow

Discount Rate

11.0

19.6

17.5

Decrease

Equity

5,400

Recent Transaction Price

Recent Transaction Price

N/A

N/A

N/A

Increase

Equity

2,388

Market Comparables

EBITDA Multiple

10.8

14.0

13.0

Increase

Equity

313

Market Comparables

Revenue Multiple

3.0

4.0

3.5

Increase

Warrant

50

Market Comparables

EBITDA Multiple

11.0

12.0

11.5

Increase

Total

921,965

(a)

Weighted averages are calculated based on fair value of investments.

(b)

Schedule of Amortized Cost and Fair Value of Performing and Non-Accrual Investments

The following table shows the amortized cost and fair value of the Fund's performing and non-accrual investments as of June 30, 2026 and December 31, 2025.


	June 30, 2026				December 31, 2025
Portfolio Company	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Performing	$	935,145	$	933,180	$	936,204	$	937,047
Non-accrual		620		254		620		678
Total	$	935,765	$	933,434	$	936,824	$	937,725

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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